share certificate

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Share certificate of the Kaiserjubiläum-Stadttheater-Verein from May 1898

Share certificate is a legal term that is used to designate documents that certify an asset .


The compound consists of the "percentage", which is a co-ownership according to fractions according to § 1008 BGB to an asset it is meant and the "apparent" as a record. As a rule, a unit certificate is specifically understood to be an investment certificate , a security that is also a financial instrument according to Section 2 (4) No. 2 WpHG and represents the share in an investment fund .

Investment certificates

The legal term “share certificate” occurs only in the case of investment funds . Investment certificates are called “unit certificates” in the KAGB ; they certify the units in the investment fund's special assets and can be bearer papers or order papers ( Section 95 (1) KAGB). The unit price is calculated from the net asset value of the investment fund divided by the number of units issued. A unit certificate that has not been signed by either the custodian or the capital management company is void .

Other share certificates

In the case of the GmbH ( Section 5 (2 ) GmbHG ) and cooperatives ( Section 7 (1) GenG ), the law speaks of a business share. In a broader sense, the colloquial term “share certificates” also refers to the securities (“share papers”) in which membership rights to corporations are evidenced (like shares ).

Web links

Commons : Stock certificates  - collection of pictures, videos and audio files

Individual evidence

  1. Ute Arentzen / Eggert Winter, Gabler Wirtschafts-Lexikon , Volume 1, 1997, p. 164
  2. Karlheinz Müssig (ed.), Gabler Bank-Lexikon , 1988, column 143
  3. Ernst Geßler, The Law of Investment Companies and their Certificate Holders , in: WM (special supplement ) No. 4, 1957, p. 24
  4. Carl Creifelds , Creifelds Legal Dictionary , 2000, p. 72